In a recent case, Jean Pavili, the director of the iGaming companies Everleaf Gaming Limited and Gold Man Gaming Limited was accused of misappropriation of around €800,000 of player funds and failing to pay around €100,000 in fees and license costs. Magistrate Josette Demicoli granted him bail against a deposit of €10,000 and another €10,000 as a personal guarantee. The magistrate also froze €900,000 worth of his assets abroad and in Malta.
Pavili, the “ultimate beneficial owner” of the companies denied the misappropriation accusations and all other charges. Other charges include the allegations that he had not paid his gaming licence and relating taxes, and that he did not notify the Lotteries & Gaming Authority of Malta when the control system of the companies were relocated. He also allegedly failed to deposit winnings and to disclose all ultimate beneficiaries to the authorities.
In September the other director of the companies, Michael Zwi Oro, had been charged with the same, and he also pleaded not guilty for misappropriating €800,000 of the player funds. He also had been granted bail against €10,000 for each deposit and personal guarantee.
Last year, the LGA Enforcement Unit had issued sanctions against the companies, which followed an investigation after a few irregularities in the companies operations emerged. The licences had been suspended in July 2013. After that the companies had been directed to stop the registration of new players and to take deposits.
I does not happen often that iGaming companies behave this way. The Maltese license is one of the strictest, and it is the license that ensures the best player protection through a monitoring system of the finances of the casino operators. For example, they have two provide quarterly reports on the finances the accounts and prove that everything is in order. Only then they are allowed to keep continue to keep the licence. This situation now is not a good situation for the players, but it is also one that does not happen very often. The Remote Gaming licence from Malta is still one of the best licences to obtain.
